Equinor completes acquisition of interest in Brazil’s Roncador oil field

Norway’s Equinor ASA and Petroleo Brasileiro SA (Petrobras) have completed their transaction reported late last year, whereby Equinor has acquired a 25% non-operated interest in Roncador oil field in Brazil’s Campos basin (OGJ Online, Dec. 18, 2017). This follows all conditions being met, including government and regulator approval.

Equinor has paid Petrobras an adjusted cash consideration of $2 billion. There remain additional contingent payments of up to $550 million related to investments in projects to increase the field’s recovery.

Based on current production, the interest in Roncador—the third largest producing field in Brazil—increases Equinor’s equity production in Brazil to 100,000 boe/d from 40,000 boe/d. Petrobras retains operatorship of Roncador with 75% interest.